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Disney+ Hits New Milestone With 50 Million Paid Subscribers
Disney’s (DIS) new streaming service, Disney+, has now achieved a new milestone with 50 million paid subscribers globally within five months after its U.S. launch.
“We’re truly humbled that Disney+ is resonating with millions around the globe, and believe this bodes well for our continued expansion throughout Western Europe and into Japan and all of Latin America later this year,” said Kevin Mayer, Chairman of Walt Disney Direct-to-Consumer & International.
In the past two weeks, Disney+ rolled out in eight Western European counties including the UK, Ireland, France, Germany, Italy and Spain. Additionally, Disney+ became available last week in India, where it is offered together with the existing Hotstar service, and already accounts for approximately eight million of Disney+’s paid subscribers.
Overall, the stock shows a promising Moderate Buy analyst consensus on TipRanks. In the last three months, 17 analysts have published buy ratings with 6 rating the stock a hold. The average analyst price target works out at $135 (33% upside potential). (See Disney’s stock analysis on TipRanks)
However, Wells Fargo analyst Steven Cahall downgraded DIS from buy to hold on April 7, citing concerns about the company’s park business. “We don’t think Parks can get back to anything close to full capacity until testing and/or vaccines are far more ubiquitous,” he stated, estimating that this could take another 24 months.
“Assets like Walt Disney World will either need to operate with social distancing in-place – significantly limiting capacity – or a vaccine will need to be widely enough available that the population will again feel safe,” Cahall said. As a result he also lowered his price target from $155 to $107.
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